The post XAG/USD holds ground above $31.00 amid increased safe-haven demand appeared on BitcoinEthereumNews.com.

Silver prices benefit from safe-haven demand amid concerns over US President Donald Trump’s tariff policies. An additional 10% US tariff on Chinese imports is set to take effect on Tuesday. The weaker US Dollar makes dollar-denominated Silver more affordable for holders of other currencies, attracting increased buying interest. Silver price (XAG/USD) rebounds after two consecutive days of losses, trading around $31.30 per troy ounce during Asian market hours on Monday. The precious metal benefits from safe-haven demand amid concerns over US President Donald Trump’s tariff policies. Over the weekend, Trump announced an additional 10% tariff on Chinese imports, effective Tuesday, following a similar 10% tariff imposed last month. Additionally, on Thursday, he stated via Truth Social that 25% tariffs on Canadian and Mexican goods will take effect on March 4. In response, China is considering countermeasures, potentially including both tariff and non-tariff restrictions. US agricultural and food products are expected to be key targets, with possible non-tariff actions such as increased regulatory scrutiny, customs delays, and other trade barriers. Meanwhile, geopolitical tensions intensified as a dispute arose between President Trump and Ukrainian leader Volodymyr Zelenskyy during peace negotiations. Zelenskyy was expected to sign an agreement granting the US expanded access to Ukraine’s rare earth minerals and hold a joint press conference. However, the plan was abandoned following a heated exchange between the leaders in front of the media. The weaker US Dollar (USD) is also providing support for Silver, making it more affordable for holders of other currencies. The US Dollar Index (DXY), which tracks the USD against six major currencies, hovers around 107.30 at the time of writing. Additionally, the latest US Personal Consumption Expenditures (PCE) inflation data has helped ease concerns over inflationary spikes, boosting expectations for Federal Reserve (Fed) interest rate cuts. This has further enhanced Silver’s…

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Filed under: News - @ March 3, 2025 5:18 am